Suppose that the six$-$month interest rate in the United States is $3\%,$ while the six$-$month interest rate in Britain is $4\%.$ Further, assume the spot rate of the pound is $1\mathrm{.}6.$

Given the spot rate of $1\mathrm{.}6$ of the pound, as well as the premium of $-0\mathrm{.}9615\%$ that you calculated previously, the six month forward rate of pound should be about under IRP.